Potentially stupid market structure question of the day: are 100% of Coinbase crypto trades executed on-chain? Is it possible for trades to happen off-chain?
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I'm obviously being glib but there are some interesting custodial solutions emerging, e.g. the custodian 'pledging' your assets to the exchange rather than transferring them, and settling it daily into a wallet that the exchange also maintains at the custodian.
Also has the benefit of free and near-instantaneous transfers between exchanges (because it's a db update at the custodian, not an on-chain transaction) which is a benefit in fast markets. Biggest downside is that not many exchanges are signed up yet.
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Very interesting. Thank you!
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